@Gargi Bhatia unless the unit is new I would say a safer bet is 1295-1350 if in good condition.

For example, let's say a homeowner wants to sell their home, but they also want to maximize their profit.

What does their offer say? As

If there is say a broker and a lender usually they share the fee for origination

And then just say a prayer that your tenant grows a conscience decides to get rid of the stain on his credit report.You said the damages amounted to about $2500.00 including back rent. 

If you simply increase your payment to the amount you would pay with say a 6.5% interest rate, you would get significant principle pay down. 

You can say a lot in your post about what is offered with the room.

The Realtor I discussed this idea with is affiliated with said property management firm and he is quite sure he can nail down the ROI and rentability.This is contrasted with the investing opportunity in say, a small commercial building, a few residential SFDs, or the like. 

I will say a renewal of 1/2 month is very high. 

To say a feature or structure doesn't exist or is ONLY this way or that is a fallacy.